CJSC Mosstroyrekonstruktsiya (a subsidiary of LSR Group) has entered into a co-investment contract with OOO Verkros (a holder of the rights for the land plot) to develop a residential neighbourhood in the Leninsky district of the Moscow region on the land area of approximately 60 hectares.
Under the terms of the contract, CJSC Mosstroyrekonstruktsiya is to construct a new residential neighbourhood. The total amount of investment into the project is estimated at RUB 13.646 billion. According to the contract, CJSC Mosstroyrekonstruktsiya receives 85% of the sellable area of the new neighbourhood for subsequent sale to end customers.
The construction is scheduled to begin in 2011. The whole project is expected to be completed in 4 years. According to the preliminary estimates, total sellable area of the neighbourhood will amount to approximately 248 thousand square meters of residential space and 100 thousand square meters of non-residential properties. Preliminary construction estimations are defined based on the current master plan.
The project includes the construction of middle-rise houses (from 4 to 6 storeys), made of reinforced concrete products of OJSC Zavod ZhBI-6 (a subsidiary of LSR Group). The advantages of the houses will be panoramic bay window glazing, ergonomic layouts, modern engineering systems, creative facade fit-out solutions, underground parking and other options, which are common characteristics of business class housing.
The residential neighbourhood will be located in one of the best districts of the Moscow region – south-west of the city, just 1.5 km away from the residential districts of Moscow (Yasenevo and Severnoye Butovo) and 2 km away from the nearest metro stations. The area is situated in close vicinity to the picturesque park – Bitsevsky Les and the garden area of “Usad’ba Znamenskoye-Sadki”. In addition, the neighbourhood has access to the river Bitsa and the pond Bitsevsky, which is one of the favourite leisure areas for the Moscow residents.
Ivan Romanov, LSR Moscow Business Unit Manager, comments:
“Using current market conditions and following our business development strategy in the Moscow region, we are currently increasing our exposure to this market. Before the crisis the landowners were not willing to reduce prices for land to reasonable levels, and only now they are ready for negotiations. In return, our integrated business model in the Moscow region enables us to offer our partners attractive terms of business. The new project of residential neighbourhood, in our opinion, has great market potential due of its closeness both to the city and green area, and also a competitive price we will be able to offer for our customers”.